AASOC

Auditing and Assurance Standards Oversight Council

About AASOC

The Auditing and Assurance Standards Oversight Council (AASOC) is an independent, volunteer body established in 2002 to serve the public interest by overseeing and providing input into the activities of the Auditing and Assurance Standards Board (AASB).

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Independent Review Committee on Standard Setting in Canada

The Independent Review Committee on Standard Setting in Canada conducted a review of the governance and structure for establishing Canadian accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards. The Committee’s review concluded with the issuance of its Final Report in March 2023.

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Upcoming meetings & events

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April 3, 2023 AASOC Meeting – April 3, 2023 9:00 a.m. - 5:00 p.m. ET

At its April meeting, the Council will discuss the AASB’s activities and more. Register now to observe online!

July 6, 2023 AASOC Meeting – July 6, 2023 TBD

At its July meeting, the Council will discuss the AASB’s activities and more. Register now to observe online!

September 28, 2023 AASOC Meeting – September 28, 2023 TBD

At its September meeting, the Council will discuss the AASB’s activities and more. Register now to observe online!

Meeting & event summaries

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February 15, 2023 AASOC Meeting Minutes – September 26, 2022

The Council met on September 26, 2022, to discuss the activities of the AASB and related matters. Read the full report for more information.

February 9, 2023 AASOC Meeting Minutes - June 27-28, 2022

The Council met on June 27-28, 2022, to discuss the activities of the AASB and related matters. Read the full report for more information.

May 5, 2022 AASOC Meeting Minutes – December 16-17, 2021

The Council met on December 16-17, 2021 to discuss the activities of the AASB and related matters. Read the full report for more information.

News

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March 1, 2023 News

Media Release – Independent review concludes, setting the stage for the future of Canadian accounting, auditing, and sustainability standard setting

The Independent Review Committee on Standard Setting in Canada issued its final recommendations report. The recommendations aim to ensure Canadian accounting and auditing – and now sustainability reporting and assurance – standard setting continues to be independent and internationally recognized. A summary feedback statement will soon be issued, outlining the feedback the committee received during its consultation process.

August 15, 2022 International Activity

AcSOC and AASOC respond to the ISSB IFRS S1 Exposure Draft, “General Sustainability-related Disclosures”

AcSOC and AASOC formulated their response to the ISSB’s “General Sustainability-related Disclosures” Exposure Draft, using feedback gathered from an extensive cross-section of Canadian stakeholders through various forums. Read our comment letter for Canada’s response to the Exposure Draft which includes feedback to issues such as: the overall approach to sustainability-related risks and opportunities disclosure, objectives and definition of sustainability-related financial information, materiality, global baseline, frequency of reporting, and more.

August 15, 2022 International Activity

AcSOC and AASOC respond to the ISSB IFRS S2 Exposure Draft, “Climate-related Disclosures”

AcSOC and AASOC formulated their response to the ISSB’s “Climate-related Disclosures” Exposure Draft, using feedback gathered from an extensive cross-section of Canadian stakeholders through various forums. Read our comment letter for Canada’s response to the proposed objective of the Exposure Draft, requirements for identifying climate-related risks and opportunities, scenario analysis, transition plans and carbon offsets and more.